'Hitherto the defence of slavery has encountered great difficulties, because its apologists stopped half way. They confined the defence of slavery to negro slavery alone, abandoning the principle of slavery, and admitting that every other form of slavery was wrong. Now the line of defence is changed. The South maintains that slavery is just, natural, and necessary, and that it does not depend on the difference of complexions.' But following up this is an extract from a speech by a Mr. Cobb, who is an eminent man in Southern politics and in Southern opinion. He says:-- 'There is, perhaps, no solution of the great problem of reconciling the interests of labour and capital, so as to protect each from the encroachments and oppressions of the other, so simple and effective as negro slavery. By making the labourer himself capital, the conflict ceases, and the interests become identical.' Now, I do not know whether there is any working man here who does not fully or partly realize the meaning of those extracts. They mean this, that if a man in this neighbourhood (for they pity us very much in our benighted condition as regards capital and labour, and they have an admirable way, from their view, of putting an end to strikes)--they say that, if a man in this neighbourhood had ten thousand pounds sterling in a cotton or woollen factory, and he employed a hundred men, women, and children, that instead of paying them whatever wages had been agreed upon, allowing them to go to the other side of the town, and work where they liked, or to move to another county, or to emigrate to America, or to have any kind of will or wish whatever with regard to their own disposal, that they should be to him capital, just the same as the horses are in his stable; that he should sell the husband South,-- 'South' in America means something very dreadful to the negro,--that they should sell the wife if they liked, that they should sell the children, that, in point of fact, they should do whatsoever they liked with them, and that, if any one of them resisted any punishment which the master chose to inflict, the master should be held justified if he beat his slave to death; and that not one of those men should have the power to give evidence in any court of justice, in any case, against a white man, however much he might have suffered from that white man.